The Green Bay Packers have agreed a record-breaking NFL contract extension with quarterback Aaron Rodgers, worth a reported $134 million to keep him with the team until he turns 40.

The deal makes the 34-year-old the highest-paid player in NFL history, with more than $100 million guaranteed over an additional four years, and secures his future in the sport until 2023.

Rodgers will average $33.5 million annually in "new money," plus incentives each year. Matt Ryan of the Atlanta Falcons held the previous benchmarks with an annual salary of $30 million and an additional $94.5 million in guaranteed money.

With two years remaining on his previous contract, according to multiple reports Rodgers will receive $67 million by the end of 2018 and more than $80 million by March next year.

"Thank you to the Packers organization for standing by me time and time again and giving me the opportunity to lead this football team," Rodgers wrote on his Instagram account following Wednesday's deal. "Looking forward to making some more memorable moments this year, and for years to come."

"It's been an amazing ride the last 13 years; excited to start year 14 knowing that my future is here, in Green Bay, for our 100th season. I've grown up in this place, and grown older and a little wiser along the way," Rodgers added.

His previous $22 million annual average was also the highest in NFL history at the time of signing in 2013. However, his earnings had slipped down the list to 10th among quarterbacks before the new deal.

Rodgers has spent his whole career with the Packers since they took him 24th overall pick in the first round of the 2005 draft. He is a six-time Pro Bowler, two-time first-team All-Pro, and has a 103-55 record as a starter (including playoffs), leading the Packers to a Super Bowl title in 2010.

Despite having a disrupted 2017 season due to an injured collarbone, Rodgers still earned close to $10 million through his endorsements with Adidas, State Farm, Prevea Healthcare, Bergstrom Automotive, Sharpie and IZOD. His multimillion-dollar contract with financial services group State Farm is also thought to be one of the richest partnerships in the NFL.

Green Bay tying up Rodgers' future is the second major NFL contract deal of the week, after Odell Beckham Jr. signed a five-year contract extension with the New York Giants, reportedly making him the highest-paid wide-receiver in the league's history. Beckham Jr.'s deal has an initial value of $90 million, with an additional $5 million available through incentives and the contract including a guaranteed $65 million, even covering injuries.